Homework Answers
Balance sheet of
Sheridan Inc.
December, 31, 2020
ASSET
|
Amount ($) |
Amount ($) |
Amount ($) |
|
|
Current asset |
|||
|
Cash |
$362010 |
||
|
Notes receivable |
$447710 |
||
|
Income tax receivable |
$99640 |
||
|
Prepaid expenses |
$88930 |
||
|
Total current assets (A) |
$998290 |
||
|
Investments |
|||
|
Debt investment (trading) |
$123010 |
||
|
Total investment (B) |
$123010 |
||
|
Fixed assets |
|||
|
goodwill |
$127010 |
||
|
Land |
$482010 |
||
|
Equipment Less: accumulated depreciation |
$1472010 $292380 |
$1179630 |
|
|
Buildings Less: accumulated depreciation |
$1642010 $270580 |
$1371430 |
|
|
Total fixed assets (C) |
3160080 |
||
|
Total assets (A+B+C) |
$4281380 |
Liabilities and stockholders’ equity
|
Current liabilities |
|||
|
Accounts payable |
$492010 |
||
|
Notes payable |
$267010 |
||
|
Rent payable |
$47010 |
||
|
Income tax payable |
$100372 |
||
|
Pay roll tax payable |
$179601 |
||
|
Total of current liabilities (A) Long term liabilities |
$1086003 |
||
|
Notes payable (long term) |
$1602010 |
||
|
Rent payable (long term) |
$482010 |
||
|
Bonds payable Less: discount on bonds payable |
$302010 $15380 |
$286630 |
|
|
Total long term liabilities |
$930650 |
||
|
Shareholders’ equity |
|||
|
Common shareholder’s equity |
$1910707 |
||
|
Common stock $1 per value |
$202010 |
||
|
Preferred stock $10 per value |
$152010 |
||
|
Total stockholder’s equity |
$2264727 |
||
|
Total liabilities and stockholder’s equity |
$4281380 |
Retained earnings = total of assets – current liabilities- long term liabilities-common stock-preferred stock
=4281380-1086003-930650-202010-152010
Retained earnings = $1910707
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